Foncière des Régions has signed agreements with real estate funds managed by Blackstone to sell €473 million in logistics assets. These agreements concern 17 logistics platforms, representing a total surface area of nearly 750,000 m², located in France and Germany. The assets will be integrated into Logicor, Blackstone’s European logistics platform.
This transaction, which should be finalized in June 2014, will be carried out in-line with the last appraised values.
With this transaction, Foncière des Régions accelerates its refocusing on its core business activities: the leasing of Offices to large companies, as well as the Hotels & Service sector and the German residential sector, two diversifications in solid and profitable markets.
At the conclusion of this disposal, the Core business activities of Foncière des Régions will represent 90% of the Group's share of assets, compared to 85% at the end of 2013.
"With this transaction, Foncière des Régions reaches an important milestone in its strategic refocusing. We now have additional resources to continue investing in our core business", declared Christophe Kullmann, Chief Executive Officer of Foncière des Régions.
Source: Foncière des Régions